Corrigendum to EGM notice clarifies pricing basis for Rs 33.94 crore preferential issue

Corrigendum issued to the EGM notice dated 08 Sept 2026; EGM stays on Thursday, 01 Oct 2026 at 12:00 PM in Mulund West, Mumbai.

Fri 25 Sep 2026

EGM Date

Thursday, 01 Oct 2026 at 12:00 PM

Equity Shares to be Issued

14,88,600 equity shares of face value INR 10 each

Issue Price per Share

INR 228.00 each (premium INR 218.00)

Total Issuance Value

INR 33,94,00,800

Valuer Fair Value per Share

₹ 227.39

What was shared

The company issued a Corrigendum to the Notice of its 01/2026-27 Extraordinary General Meeting dated 08 September 2026. It forms an integral part of that notice and was dispatched to shareholders on 25 September 2026. The EGM is scheduled for Thursday, 01 October 2026 at 12:00 P.M. at Runwal Heights, 1st Floor, L.B.S. Marg, Mulund West, Mumbai.

The resolution being put to members

A special resolution to create, offer, issue and allot up to 14,88,600 equity shares of face value INR 10/- each at an issue price of INR 228.00/- each, including a premium of INR 218.00/- each, aggregating up to INR 33,94,00,800/-, to allottees from the Promoter Group and Non-Promoters, on a private placement and preferential basis, partly for cash and partly for consideration other than cash (share swap).

The share swap and the acquisition

• 9,42,600 new shares are proposed to be allotted to Veritas Industries Private Limited (Promoter Group) as discharge of non-cash consideration.
• This is towards acquisition of 9,996 equity shares representing 99.96% of Wire Brigade Industries Private Limited.
• Value of the WBPIL shares taken at INR 21,49,14,000 (9,996 x 21,500), against new shares valued at INR 21,49,12,800 (9,42,600 x 228); the difference of INR 1,200 is to be paid in cash from internal accruals.
• 5,46,000 shares are proposed to be allotted on a cash subscription basis, spread across 20 non-promoter allottees.
• Cash proceeds are to be used to buy 04 equity shares of WBPIL from existing shareholders and for working capital. After acquiring 10,000 equity shares of WBPIL, it would become a wholly owned subsidiary.

What the corrigendum changes

Two paragraphs of the Explanatory Statement on pricing are replaced.

• Because the proposed allotment to any allottee (and allottees acting in concert) is not more than 5% of the post-issue fully diluted equity share capital, Regulation 166A(1) of ICDR is stated as not applicable.
• Since part of the consideration is other than cash, a valuation report dated 08 September 2026 was obtained from CA Sejal Agrawal of M/s. Procurve Valux Private Limited, an IBBI registered valuer entity, fixing fair value at ₹ 227.39 per share and the swap ratio.
• Minimum price under Regulation 164(1) works out to INR 227.39/-, being the higher of the 90-trading-day VWAP of INR 208.96/- and the 10-trading-day VWAP of INR 227.39/-.
• The issue price is fixed at INR 228.00/-, higher than the price computed under the formula and the valuation report.
• The company undertakes to re-compute the price if required; if any amount payable on re-computation is not paid in time, the securities remain locked in until paid.

How investors may read it

The corrigendum is a clarification of the pricing justification rather than a change to the size, price or list of allottees of the proposed issue. Shareholders will note that new shares equal to 14,88,600 would be added to capital if approved, with the largest block going to a Promoter Group entity in exchange for control of Wire Brigade Industries Private Limited. Approval requires a special resolution at the EGM.

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